Top reasons for Godstone lease extension

Main reasons to commence your Godstone lease extension today:

A Godstone lease depreciates with the years remaining on the lease.

The nearer a domestic lease in Godstone nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, beyond 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Godstone will qualify for this right; nevertheless a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Godstone property with a lease extension is almost the same value as a freehold

Leasehold premises in Godstone with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not issue a mortgage with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this will result in your Godstone property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Godstone?

Lease extensions in Godstone can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Godstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Godstone Lease Extension Case Studies:

Joshua, Godstone, Surrey

Last year Joshua, started to get near to the eighty-year mark with the lease on his garden apartment in Godstone. In buying his property twenty years ago, the lease term was of little concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Joshua was able to extend his lease just under the wire last June. Joshua and the landlord in the end agreed on an amount of £5,000 . If the lease had dropped below eighty years, the premium would have become more exhorbitant by at least £975.

Godstone case:

In 2009 we were called by Mr V Díaz who, having bought a one bedroom flat in Godstone in September 2007. The question was if we could estimate the premium would be for a ninety year lease extension. Comparable residencies in Godstone with a long lease were worth £174,200. The average ground rent payable was £55 billed quarterly. The lease ran out on 14 September 2077. Having 51 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of legals.